BTC Price

Factors That Determine the Rise in Bitcoin Value

Cryptography

If you want to make a mark financially, then you need to consider investing in bitcoin. Many never saw it coming when the value of bitcoin was just $0.3 in 2011. The whole world seemed to be jolted to reality when its value rose to as high as $19,000 in 2017. However, many were also caught unawares when the price of bitcoin started falling and it did not stop falling until it reached about $3,000. Despite the fall in value of yesteryears, there are strong indications that the value of bitcoin will still rise beyond its previous peak. Even bitcoin price chart gives evidence about this. Bitcoin is already on the rise but it seems like it will still rise further. So, you can still invest now and await the upcoming boom in its value.

What determines the price?

So many factors determine the price of bitcoin, but very few of these factors are known to people. In fact, so many things about bitcoin are unknown to people. For one, no one knows the identity of the creator; it is only known as an entity called Satoshi Nakamoto. One of the most confusing things about bitcoin is that its value kept on rising despite the fact that many other financial assets across the globe were falling in value.  This means whatever controls the fiat currency and the finance world today does not have any effect on bitcoin. The Bitcoin price graph shows a steady rise in its value from last year to date.

Many more people are using bitcoin today for transaction and this is one of the factors responsible for its steady rise in value.  The more it is accepted by people from across the globe, the more demand is placed on it and this obeys the law of demand and supply to cause a rise in the value of bitcoin.